Macroeconomic Situation in Bangladesh

Being elevated into a lower middle-income country in 2015, Bangladesh is achieving notable improvement in macroeconomic indicators and sectoral growth. According to Bangladesh Bureau of Statistics (BBS), GDP growth for FY2018- 19 reached to 8.13 percent, significantly higher than the growth of 7.86 percent in the preceding fiscal year. The per capita national income reached USD 1,909 in FY2018-19 from USD 1,751 a year earlier. The services sector is the largest contributor to GDP accounting for nearly 52.11% in FY 2017-18, followed by industry (33.67%) of which manufacturing sector contributed to 22.85%. Agriculture, fisheries and forestry together added 14.23% to GDP. Export sector gained momentum and reached to USD 40.5 billion in 2018-19 which is 10.5 percent higher than the previous year. Ready-made garments and knitwear product have significant contributions to the country’s total export earnings. On the contrary, total import payments of Bangladesh in FY2018-19 (July-February) stood at USD 40.9 billion. Foreign exchange reserve stood at USD 32.12 billion on 30 April 2019. The GDP under the Medium-Term Macroeconomic Framework (MTMF) has been projected to grow at the rate of 8.2 percent in FY2019-20, which is expected to be achieved through the implementation of prudent fiscal management, efficient and effective monetary policy and ongoing reform programs taken by the government.